Broker Dealer Change Specializes in Placing Financial Advisors
with Top Independent Broker Dealers Nationwide
Top Independent Broker Dealers
Broker Dealer Change is a nationwide, financial advisor recruiting firm. We specialize in placing financial advisors with top independent broker dealers. With our vast network of Independent Broker Dealers we are able to assist our clients regionally and nationally. We work with our clients, through each step of the process to insure they find the best Broker Dealer for their needs.
Placement of Financial Advisors
Broker Dealer Change was founded for the financial advisor considering changing their Broker Dealer firm. As the financial advisor’s “agent,” we help them find top Independent Broker Dealers to best meet their professional criteria. With over 25 years of industry experience, we are able to help them analyze the best Independent Broker Dealers for their practice.
Contact Us Today!
From our nationwide network, we will help you find the best Independent Broker Dealers to match your the needs of your practice. We use a comprehensive consulting approach designed to search for the best Broker Dealer firm to match the needs of your practice. Broker Dealer Change helps Financial Advisors analyze all of the options and questions involved in switching Broker Dealer firms. We have been working with and developing relationships with regional and national Independent Broker Dealers for over 25 years. We understand the industry’s clearing platforms, product offerings including each firm’s core philosophy, to identify and find the best Independent Broker Dealers to suit your needs and preferences. Read more »
We Work With You Every Step of the Way
At Broker Dealer Change, we will work with you every step of the way as your “agent” to work through the firm information, schedule calls and meetings, and provide advice on which offers may be more attractive. Read more »
Ensure a Smooth Transition
Once the decision is made on which Broker Dealer firm to go with, we get you engaged with that firm’s transition team, to ensure a smooth transition. Our goal is to make this transition as smooth as possible. In some cases, the Broker Dealer will place people in your office to assist you in moving your client accounts. Read more »
- The Big Switch...
– How coaching helped a Financial Advisor bring his clients over to his new firm
The Big Switch – How coaching helped a Financial Advisor bring his clients over to his new firm
A case study by Success Skills Coach Jim Rohrbach
“Did you ever have to make up your mind? You pick up on one and leave the other one behind It’s not often easy and not often kind Did you ever have to finally decide?” The Lovin’ Spoonful
Successful financial advisors are constantly being recruited to join a new firm. With promises of a big payday, better working environment and enhanced capabilities for serving clients, an offer can be hard to refuse.
Yet changing firms is never an easy decision. Even after careful consideration to make the leap, FA’s run into a myriad of both anticipated and unforeseen challenges: Getting told “no” by clients who you were sure would come along with you, having your name dragged through the dirt by former colleagues, feeling your head spin with unfamiliar people and processes. All this can lead one to ask, “What the heck was I thinking???”
Such was the case for Mike B,* a west coast transplant who moved to a major Midwestern market. He contacted me one December after joining a new organization the month before. Mike had built a nice-sized book of business over the prior decade but felt constrained by a partnership that had been deteriorating for several years. He was brought over by John C,* the manager of a large office, who negotiated a hefty up-front signing bonus with Mike that tied him to the new firm for the next nine years.
* Names changed to insure confidentiality
Doubt creeps in
After receiving a warm welcome and getting ushered in to a spacious office, the door closed, and Mike asked himself, “OK – now what?” He spent the first few weeks just getting acclimated to the new people and systems, not leaving much time for working on his business. And that’s when the small voice of panic began to creep into his head. “Everyone here seems to know what they’re doing – will I ever get it together? That first year asset level I need to hit here is HUGE – can I make it? How am I gonna get those clients of mine over here? Maybe I should have stayed put?” Etc.)
Mike floundered for the first 30 days or so. He contacted his “A” clients at his former firm but since he had never made a switch before, he was unsure about how to get them to move with him. He felt the pressure of bringing in a high level of assets within his first year to realize a six-figure year-end financial bonus. And it dawned on him that while his manager was a good guy, he wouldn’t have a lot of time to help Mike bring over the old clients or bring in new ones. (In fairness to John C, he was supportive and did help out as best he could in between administrating the office, attending management meetings, handling FA issues and recruiting new talent.) Feeling overwhelmed, anxious about the future and isolated, Mike reached out to me via Horsesmouth, a daily ezine for FA’s.
First things first
The question that started our coaching relationship was, “Where do you want to be in your business one year from today?” Mike knew already that he wanted to hit his year-end bonus number by the end of December the following year. With that starting point, the next step was to create a goal-based Mission Statement, which included the bonus level of assets as well as what he would need to execute to achieve it by the 12/31 deadline. Based on this, he set quarterly, and then monthly goals, so he knew his targets for the first three months of the year. No surprise to me, but having clear goals helped Mike feel a sense of relief – at least he knew where he needed to get to and had a “scorecard” to let him know if he was on track.
One issue that really bugged Mike was that fact that once he left, his former partner was suddenly “trash talking” about what a lousy FA Mike was for the clients they had shared. He couldn’t believe some of the things that were being said about him to the people he had personally brought to the team. But all’s fair in love and war, and in this case, it was a battle to retain relationships — he realized his former firm was NOT going to throw a goodbye party for the clients he wanted to take with him. I did tell Mike that once this was over, he would be able to look back and laugh at some of the mud that was being slung at him, but he wasn’t buying it at the time.
Client approach … “or not”
Once Mike’s goals were established, we developed an approach for bringing over the twenty-five “A” clients he wanted from his former firm by literally scripting specific things to say to engage them. Turns out that Mike, like most FA’s, never had any training on how to conduct a Consultative Interview, in which you ask questions to help people come to their own conclusion about why they’d want to use your services. Rather than just saying point blank, “You’re coming with me, right?” Mike set up a meeting with each of these clients in which they would have a discussion about whether it made sense for them to join him at the new firm, or not. Critical to the conversation were the words “or not” — Mike would be giving each client explicit permission to say no, which eliminates the resistance that would otherwise come from a hard sell approach.
He was coached to start off each meeting this way, then inquire about his clients’ financial goals, their relationship with the other partner (which turned out to be rather weak) and their decision making process, using questions to draw them out.
Let the games begin
Then it was time for Mike to make the rounds. Beginning a bit tentatively at first, he used the questions to move the process forward with each “A” client. Some were a slam dunk, but many were initially hesitant, adding to Mike’s exasperation, as these were the very clients he brought to the partnership in the first place. Fortunately, he knew that he could reach out to me in between our formal weekly sessions for some impromptu coaching to either prep for a client meeting or debrief after one. Although he never abused the privilege, we would sometimes speak three or four times a week and exchange emails about what was happening in his meetings. Each time he learned useful tactics to let him know what to address with each client to help them decide in his favor.
Results, and moving forward
Mike took great pleasure to report that after setting his goals, learning the proper approach and having the meetings, he was able to bring over all but two of his former “A” clients in relatively short order. He got on a roll, achieving his large bonus asset level by the end of June with a full six months to spare. Mike said in hindsight, “It was nice to have Jim as a ‘safe harbor’ in the storm of chaos surrounding the move. I was able to vent my frustration during our calls while staying focused on the task at hand. And I could be totally candid with him as I couldn’t be with others in my office.”
Would Mike have brought over all of these clients anyhow? Maybe, but maybe not – coaching gave him the best possible opportunity to maximize the odds for doing so. And when the process of transitioning clients was complete, he was free to begin detailing his plan to bring in new clients, knowing that he was well on his way to building a much bigger business at his new firm. And he’s even laughing again, or at least smiling about the positive prospects for the future of his business.
Success Skills Coach Jim Rohrbach, “The Personal Fitness Trainer for Your Business,” coaches Financial Advisors around the US by phone to help them grow their clientele. To set up a Free Consultation with Jim, go to www.SuccessSkills.com.
- Figuring out DOL Fiduciary Rule...
Broker Dealers, Financial Advisors & Insurance Firms – Figuring out DOL Fiduciary Rule
Investment News, Liz Skinner, reported, on May 9, 2016 “how Americans won hard-fought protections regarding the purity of their retirement advice last month. Now it’s up to the nation’s financial advisers to decide whether they’ll meet the letter — and spirit — of the historic investor protection regulation. The Labor Department’s fiduciary rule is aimed at stopping the $17 billion a year the government claims investors waste in exorbitant fees. The idea is that the regulation will stop advisers from putting their own interests in earning high commissions and fees over clients’ interests in obtaining the best investments at the lowest prices. The final rule contained several important concessions to the advice industry that will make implementation easier for financial advisers. But there still appears to be enough meat to the DOL Fiduciary Rule that advisers will have litigation to fear if they can’t prove their retirement advice prioritized the client over themselves.” Read more »
- Fuduciary Duty Goes Prime Time...
Financial Services Institute, adds two Independent Broker Dealers, Executives to Board
“Investment News, Mark Schoeff Jr. reported on June 19, 2016 – For the last six years, the debate over a Labor Department regulation to raise investment advice standards for retirement accounts has been conducted mostly among regulators, lawmakers, industry officials and financial advisers.
Now the people the regulation targets — investors — are getting into the conversation.
The process of taking fiduciary duty to Main Street was boosted by a segment on the HBO comedy program “Last Week Tonight with John Oliver.” Mr. Oliver applied his signature brand of mordant satire to a topic mostly discussed — and fiercely contested — in technical terms by industry insiders.” Read more »
- The DOL Fiduciary Rule Requires Levelized Compensation...
DOL fiduciary rule will nudge 401(k) advisers to zero-revenue-share fund lineups
Investment News, Greg Iacurci reported on June 28, 2016 that retirement plan advisers are likely to use 401(k) investment funds that unbundle revenue-sharing payments from their cost because of the new Department of Labor fiduciary rule. The DOL rule exposes advisers receiving variable compensation, such as 12b-1 fees and commissions, to greater compliance requirements and litigation risk. Experts believe advisers will try to mitigate that risk by using funds that strip out such compensation.
“Fiduciary advisers are moving or thinking of moving to zero-revenue-sharing lineups as a direct result of the new conflict of interest … rules,” Marcia Wagner, principal at The Wagner Law Group, said.
In zero-revenue-share funds, participants only pay the investment management expense. Other fees, such as the adviser and record-keeping fee, would be billed as separate line items, paid in a hard-dollar or asset-based arrangement.
Plan advisers will have to comply with the Best Interest Contract Exemption (BICE) — a provision of the regulation imposing the additional hurdles — in order to receive variable compensation. However, compliance with the BICE isn’t required if an adviser’s 401(k) fees are level, which would preclude receipt of 12b-1 fees, Ms. Wagner said.
“The DOL rule is saying you have to have levelized compensation,” Sean Deviney, head of the retirement plan group at Provenance Wealth Advisors, said. “It means don’t take up-front money and don’t have different investments where you’re just collecting 12b-1 fees, because that doesn’t make you level. For an adviser to go to this model, it’s just kind of a no-brainer.”
Outlook Stays Positive for Stock Markets
Investment News, Jeff Benjamin reported on August 12, 2016 – that three maj…
WestPark Capital CEO says he’s adding some brokers from Newport Coast Securities, which he said is closing